Which of the following is not allowed as a personal or dependency exemption?
A) Yourself
B) Your 26-year-old child, who lives at home and earns $27,000 a year
C) Your spouse, if you're filing a joint return
D) Your 75-year-old grandfather, whom you financially support
Answer: B
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Prior period adjustments ________
A) always increase the beginning balance of retained earnings B) are shown on the statement of retained earnings as corrections to the beginning balance C) can be ignored because the financial statements have already been issued D) must be recorded in the period in which the error occurred
All of the following are characteristics of the liability risk that most people face EXCEPT
A) a lien may be placed on your income and assets to satisfy a legal judgment. B) substantial legal expenses may be incurred defending the claim. C) there is no upper limit on the amount of the loss. D) owning liability insurance eliminates the possibility of being held legally liable.